Bank of America Files Patent for Bitcoin Wire Transfer System
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Bank of America Files Patent for Bitcoin Wire Transfer System

THELOGICALINDIAN - Bank of Americas filing for a apparent for a bitcoin wire alteration arrangement aftermost year was appear by the US Apparent and Trademark Office USPTO on September 17 2024 The apparent seeks to assure a cryptocurrency wire alteration arrangement in which funds beatific by a chump electronically could be transferred application the blockchain of the basal cryptocurrency

In particular, the bitcoin wire alteration arrangement would catechumen the sender’s funds at a cryptocurrency barter again beatific to addition cryptocurrency barter to be adapted to adopted authorization bill afore the funds are received.

According to the authors Thomas Edward Durbin and James Gregory Ronca, the arrangement seeks to bypass acceptable wire transfers, which can booty canicule for beyond amounts and acquire ample costs from third-party networks. Through this, the account can be able to abate the assurance on third-party systems and enhance the control, security, and believability of wire transfers.

Various transaction modules can accept amid the cryptocurrencies on the exchanges based on a cardinal of factors such as price, liquidity, and volatility. This arrangement can be activated on a cardinal of altcoins, such as bitcoin, litecoin, Ripple, and dogecoin.

“For example, transaction bore 136 may accept a accurate cryptocurrency barter because the cryptocurrency is priced agreeably (eg, bargain if purchasing, big-ticket if selling) or because the cryptocurrency barter has a accord with the enterprise,” the filing indicated. Some exchanges listed as examples accommodate Bitstamp, OKCoin, Cryptsy, and CoinMarket.

To facilitate cost-effective transfers, the transaction bore is geared at authoritative about accompanying initiations for affairs and affairs cryptocurrency. From there, a abstracted bore would admit the absolute alteration of funds to the recipient. This way, the all-important aegis appearance would be chip in that accurate module.

For added information, view the abounding filing here.